TD Securities Comments on BlackBerry (BBRY) Q4
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Price: $11.57 --0%
Rating Summary:
4 Buy, 31 Hold, 12 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 7 | New: 5
Rating Summary:
4 Buy, 31 Hold, 12 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 7 | New: 5
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TD Securities maintained a Hold rating on BlackBerry (NASDAQ: BBRY) with a price target of $10.50. Comments follow Q4 results.
Analyst Scott Penner said, "We think the share price reaction reflects the market comfort that management has bolstered liquidity and cut costs… Operating expenses down 30% Q/Q was the biggest Q4 surprise. Total cash was $2.66b and net cash was $1.41b ($2.67/share). Coming in Q1 are a likely tax receivable (we estimate $273mm) and real estate sales (we estimate $500mm). …but not a lot of new information was given regarding the future growth strategy. Simply put, we did not find a lot incremental relative to recent press releases and media reports."
"We maintain a HOLD rating on BlackBerry and a $10.50 target. We expect the company to continue to trade within an estimated trading range of $6-$11, supported at the low-end by forecast cash and patent value. The upper end includes preliminary estimates for BES10/MDM ($3.07 per share), BBM $1.52 per share) and QNX ($0.57 per share) assets," he added.
For an analyst ratings summary and ratings history on BlackBerry click here. For more ratings news on BlackBerry click here.
Shares of BlackBerry closed at $9.05 yesterday.
Analyst Scott Penner said, "We think the share price reaction reflects the market comfort that management has bolstered liquidity and cut costs… Operating expenses down 30% Q/Q was the biggest Q4 surprise. Total cash was $2.66b and net cash was $1.41b ($2.67/share). Coming in Q1 are a likely tax receivable (we estimate $273mm) and real estate sales (we estimate $500mm). …but not a lot of new information was given regarding the future growth strategy. Simply put, we did not find a lot incremental relative to recent press releases and media reports."
"We maintain a HOLD rating on BlackBerry and a $10.50 target. We expect the company to continue to trade within an estimated trading range of $6-$11, supported at the low-end by forecast cash and patent value. The upper end includes preliminary estimates for BES10/MDM ($3.07 per share), BBM $1.52 per share) and QNX ($0.57 per share) assets," he added.
For an analyst ratings summary and ratings history on BlackBerry click here. For more ratings news on BlackBerry click here.
Shares of BlackBerry closed at $9.05 yesterday.
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